The central finding is that labelled bonds achieve a 16% increase in median book cover compared to non-labelled securities, controlling for rating, sector, maturity, deal size and region. The result is consistent across annual sub-periods and within financials, corporates and government sub-sectors.
A secondary finding is that this benefit is strongest on debut sustainable issuance. This may reflect the additional transparency and investor communication associated with a first-time label. As more labelled bonds are issued by the same issuer, the marginal benefit appears to diminish — though this relationship is less robust in the analysis.
